NEWS UPDATE: Prosperity merges with Queensland firm, doubles numbers
Prosperity Advisers is merging its Queensland office with Cansdale and Co, a specialist accounting and business advisory firm to small and medium-sized companies, doubling its staff to more than 160 across Brisbane, Sydney, and Newcastle.
Chief executive of Prosperity, Allan McKeown, said that the large baby boomer demographic in Queensland would create new business ventures and retirement schemes that Prosperity was well placed to take advantage of, and Cansdale would provide a strong growth platform for Prosperity’s business.
“The decision to partner with a specialist SME practice such as Cansdale was largely driven by the strong macro-economic fundamentals underpinning the opportunities for professional service firms working within the Queensland SME (small to medium-enterprise) economy,” McKeown said.
The acquisition will include Cansdale Management Services, which provides outsourced back-office administration services such as handling financial transactions, database design, and client investment reporting systems for boutique investment funds managers and high-net-worth individuals.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
